A survey has found more than 40 percent of Japanese firms in Russia have shut down their operations in the country since the invasion of Ukraine.

The Japan External Trade Organization conducted the survey from March 24th. Ninety-seven companies responded.

All but one firm said international sanctions are having a negative impact on their business.

Forty-three percent said they have suspended all or part of their operations in Russia. Forty-four percent expected a business reduction or withdrawal from the market over the next six to 12 months.

JETRO analyst Shimoyashiro Manabu says personal purchasing power in Russia has declined as its currency, the ruble, has weakened. He also says it will take some time before Japan's businesses have a positive view of the Russian market.